Pet insurance can help manage unexpected veterinary bills while you are adjusting to mortgage, rates and other homeownership costs, but it is not essential for every pet owner. Policies commonly cover eligible accidents and illnesses, while routine care, pre-existing conditions, waiting periods, excesses and annual limits may apply. Check the policy’s Product Disclosure Statement (PDS) and compare premiums, exclusions and reimbursement limits before deciding. Your pet’s age, breed, health and your budget will affect the suitability and cost, so contact the insurer if you need clarification.